Canada Nickel Demonstrates Potential of Timmins Nickel District with Positive Exploration Results from Seven Regional Targets

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Canada Nickel Demonstrates Potential of Timmins Nickel District with

Positive Exploration Results from Seven Regional Targets

Highlights

• Company on track for eight resources published by mid-2025

• Reid: 710 metres of 0.25% nickel including 105 metres of 0.35% nickel

and 22 metres of 0.41% nickel in hole REI24-42

• Mann Central: 223 metres of 0.29% nickel including 10 metres of 0.51% nickel

• Mann West: Successfully delineated mineralization over 1.7 kilometre strike length by up to

600 metres width

• Reaume: Improved nickel mineralization intersected including sections of visible coarse

grained awaruite in hole REU24-12

• Texmont: High-grade mineralization expanded to the north and at depth including 6.5 metres

of 2.68% nickel in TEX24-51

TORONTO, September 10, 2024 – Canada Nickel Company Inc. ("Canada Nickel " or the

"Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce positive exploration drilling results

from 48 holes (of which 38 have assays provided in this release) at seven of its regional nickel properties

- Reid, Mann (North, West, Central and South), Reaume, and Texmont.

Mark Selby, CEO of Canada Nickel said, “The district-scale potential of Canada Nickel’s portfolio in the

Timmins Nickel District is clearly demonstrated by today’s successful drilling results from seven different

properties in addition to the two properties – Crawford and Deloro – for which we’ve already published

resources. There are few mining companies with this breadth of active exploration targets.”

Mr. Selby continued, “Reid’s strategic importance is continuing to grow given its size, grade and shallower

overburden compared to Crawford. While still at relatively early stage, Mann West is emerging as another

excellent large scale, shallower overburden target. We’re very pleased with the results from all four of

the Mann targets that extend across a 21-kilomete strike, and the latest Texmont and Reaume results

continue to improve both targets. The Company is currently operating seven drill rigs and is shifting focus

from the central and eastern properties to the southern properties (Powell, Midlothian, and

Bannockburn), as we move into the final phases of the drill campaign. We remain on track to publish a

total of seven additional resources by mid next year and given our financing and drilling success to date,

the Company will focus engineering resources on Crawford and larger targets like Reid rather than smaller,

higher grade targets like Texmont.”

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Reid Project

Canada Nickel has completed 24,875 metres from 38 holes drilled during its 2024 drill program at Reid.

The drill campaign has delineated a mineralized ultramafic body over a strike length of 2.2 kilometres and

width up to 1.0 kilometres and up to a depth of 650 metres within the central core of the target

geophysical footprint, and the core remains open to the north and at depth (see Figure 1).

Hole REI24-42 was drilled near the center of the core and successfully targeted the strike extension of a

previously identified higher-grade horizon, assaying 710 metres of 0.25% Ni for its entire length and 105

metres of 0.35% nickel, and 22.5 metres of 0.41% nickel across the higher-grade horizon. Hole REI24-33

was drilled in the western section of the core and encountered mineralized peridotite and dunite to the

end of hole, assaying 402 metres of 0.25% nickel and extending the central core to the west by 200 metres.

Hole REI24-40 was drilled near the eastern edge of the ultramafic and extended the central core by 300

metres to the east intersecting 544 metres of 0.23% nickel. REI24-44 was drilled near the center of the

target collaring and ending in mineralized dunite with 678 metres of 0.24% nickel, also intersecting higher-

grade mineralization including 7.5 metres of 0.41% nickel.

The Reid project has a total of 31,706 metres from 54 holes drilled to date, and the Company will use data

from this central core to produce an initial resource expected by Q4 2024. The project is located just 16

kilometres southwest of Crawford and contains a geophysical target of 3.9 square kilometres which is

nearly 2.4 times larger than Crawford.

Table 1 – Drilling highlights Reid program

Hole ID From (m) To (m) Length

(m)* Ni % Co % Pd g/t Pt g/t Cr % Fe % S %

REI24-33 30.0 432.0 402.0 0.25 0.011 0.011 0.007 0.67 5.45 0.038

REI24-34 39.6 669.0 629.4 0.25 0.012 0.004 0.005 0.83 5.71 0.040

REI24-36 36.0 261.0 225.0 0.24 0.011 0.003 0.005 0.94 6.01 0.064

and 285.0 702.0 417.0 0.20 0.013 0.020 0.015 0.74 7.12 0.044

including 487.5 655.5 168.0 0.25 0.012 0.020 0.015 0.77 6.25 0.043

REI24-40 51.4 595.5 544.1 0.23 0.011 0.004 0.003 0.75 6.08 0.056

REI24-42 25.0 735.0 710.0 0.25 0.012 0.009 0.006 0.68 5.66 0.042

including 289.5 394.5 105.0 0.35 0.014 0.032 0.011 0.74 5.69 0.098

Including 370.5 393.0 22.5 0.41 0.016 0.030 0.012 0.88 5.86 0.110

REI24-44 24.0 702.0 678.0 0.24 0.013 0.039 0.013 0.67 7.03 0.039

including 375.0 393.0 18.0 0.30 0.015 0.255 0.028 0.70 7.72 0.058

and 481.5 489.0 7.5 0.41 0.013 0.029 0.014 0.66 7.58 0.108

and 525.0 561.0 36.0 0.30 0.012 0.011 0.007 0.81 5.48 0.056

Central Dyke Corridor

REI24-39 21.0 169.0 148.0 0.23 0.012 0.003 0.005 0.70 6.14 0.019

and 213.8 636.7 422.9 0.24 0.011 0.003 0.005 0.86 6.12 0.045

and 653.0 720.0 67.0 0.24 0.011 0.003 0.005 1.04 5.69 0.034

*True width undetermined. All lengths are drillhole lengths.

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Figure 1 – Reid – CNC Drillholes Over Total Magnetic Intensity.

Mann Property

The Mann property is located 22 kilometres east of Crawford, 20 kilometres south of Cochrane, and 45

kilometres northeast of Timmins. The property hosts a series of ultramafic rocks that are thought to be

folded and faulted along a near-continuous 21-kilometre strike length. The ultramafics continue to the

southeast into Newmarket Township. The Company is currently conducting a drill program that has

identified targets in four areas within Mann Township, Mann North, Mann West (together formerly Mann

Northwest), Central and South. (Figure 2).

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Mann Central

The outline of the ultramafic body is estimated by magnetics to be 4.5 kilometres long and between 0.5

to 1.0 kilometres wide (or 3.1 square kilometres). Drilling at this target started in June 2024 and consisted

of an initial exploratory phase that included 24 drillholes totaling 9,311 metres. This phase of drilling

targeted the ultramafic body where it has a shallow dip to the north and is primarily composed of

peridotite and minor dunite, with some pyroxenite dykes. Serpentinization of the host rock is moderate

to high, containing fine-grained nickel mineralization, with serpentinization appearing more consistent

near the center of the target where an area 1.9 kilometres by 600 metres (1.1 square kilometres) has now

been delineated by drilling. In this area, hole MAN24-21 intersected 223.4 metres averaging 0.29% nickel,

including a 10.5 metres section of 0.51% nickel. Results from the first nine holes are shown in Figure 3 and

Table 3 with assays pending for the remaining 15 holes.

Table 2 – Mann drilling highlights.

Hole ID From (m) To (m) Length

(m)* Ni % Co % Pd g/t Pt g/t Cr % Fe % S %

MANN CENTRAL

MAN24-16 21.0 247.7 226.7 0.23 0.012 0.005 0.006 0.33 7.01 0.20

Including 148.5 247.7 99.2 0.27 0.011 0.005 0.005 0.09 6.61 0.23

and 295.5 408.0 112.5 0.19 0.012 0.005 0.007 0.52 7.91 0.72

MAN24-17 7.9 285.0 277.1 0.23 0.011 0.004 0.008 0.23 7.02 0.02

and 307.5 352.3 44.8 0.02 0.005 0.22 0.24 0.31 4.80 0.08

and 356.1 364.3 8.2 0.02 0.005 0.27 0.38 0.41 4.60 0.01

MAN24-18 15.4 115.7 100.3 0.23 0.010 0.005 0.008 0.14 5.53 0.14

and 201.0 294.4 84.4 0.18 0.009 0.004 0.006 0.13 5.62 0.18

and 330.0 432.0 102.0 0.21 0.010 0.007 0.007 0.13 5.51 0.21

MAN24-20 24.0 128.1 124.1 0.23 0.010 0.007 0.010 0.14 5.32 0.35

and 176.1 399.0 222.9 0.25 0.011 0.007 0.009 0.15 5.50 0.10

MAN24-21 29.0 168.2 139.2 0.24 0.011 0.004 0.006 0.16 5.87 0.24

and 178.6 402.0 223.4 0.29 0.012 0.005 0.004 0.15 6.03 0.12

including 270.0 280.5 10.5 0.51 0.021 0.012 0.005 0.15 8.22 0.51

MAN24-23 4.5 420.0 415.5 0.19 0.012 0.005 0.007 0.42 7.37 0.03

MAN24-25 7.2 402.0 394.8 0.20 0.012 0.005 0.007 0.44 7.01 0.08

MAN24-29 18.0 111.2 93.2 0.16 0.008 0.003 0.005 0.12 5.62 0.16

MAN24-30 134.9 402.0 267.1 0.24 0.011 0.004 0.005 0.18 6.25 0.05

MANN NORTH

MAN24-27 39.0 109.5 70.5 0.15 0.010 0.004 0.003 0.43 6.77 0.06

and 145.5 151.4 5.9 0.014 0.005 0.318 0.206 0.21 5.17 0.02

MAN24-28 26.8 177.0 150.2 0.18 0.012 0.013 0.012 0.43 7.67 0.05

and 225.0 414.0 189.0 0.19 0.011 0.008 0.005 0.43 7.20 0.04

including 355.5 361.5 6.0 0.29 0.012 0.138 0.044 0.25 6.77 0.08

*True width undetermined. All lengths are drillhole lengths.

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Mann North

The target is approximately 1.5 kilomet res long by 600 met res wide (0.9 square kilometres) (Figure 4).

Drilling at Mann North began in June 2024 and consisted of a preliminary exploratory phase of 16 drillholes

totaling 6,315 metres. The majority of these holes intersected long sections of peridotite , minor dunite,

and lesser talcose ultramafics, with strong serpentinization and good disseminated mineralization along

most of the target strike length.

MAN24-28, was collared near the north end of the target , drilling to the southwest, starting in dunite at

27 metres downhole and ending in peridotite at 414 metres. MAN24-27 was drilled to test the northeast

contact and intersected 5.9 metres of 0.52 g/t Pt+Pd near a pyroxenite-gabbro contact. Assays are pending

for the 14 remaining holes now completed.

Figure 2 – Mann Property

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Mann West

Mann West is approximately 3.5 kilometres long by up to 1.1 kilometres wide (covering 3.4 square

kilometres). The drill program has focused on the southern half of the target and is currently exploring a

strike length of 1.7 kilo metres and a width of at least 600 metres . Drilling thus far has intersected long

sections of well-serpentinized peridotite and minor dunite with disseminated and visible nickel

mineralization consisting primarily of pentlandite and heazlewoodite. The Company has drilled 16 holes

to date at Mann West (Figure 5) and is halfway through th is phase of exploration that is required for an

initial resource estimate expected by Q1 2025. Assays for all the holes at Mann West are currently

pending.

Mann South

This target is approximately 5.9 kilometres long by up to 1.2 kilometres wide, having an arcuate and

irregular shape, with an overall area of 4.1 square kilometres. The drill program at Mann South started in

August and first assay results are not expected until October 2024. Three holes have been completed, and

successfully intersected varying degrees of serpentinized peridotite and minor pyroxenite. The C ompany

will continue testing the strike length of Mann South into the fall of 2024.

Figure 3 – Mann Central

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Figure 4 – Mann North

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Figure 5 – Mann West